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1. The following table displays a snapshot of term deposits with a term range between 12-24 months from the big four banks – ANZ, Commonwealth Bank, NAB and Westpac – with interest paid as specified in the table below.
2. Special Term Deposit offer 0.40% p.a. Fixed rate for 12 months Offer available from 5th February 2021 for a limited time only on Term Deposits opened or renewed by personal customers. Available on deposits from $5,000 - $2,000,000 with interest paid monthly or at maturity.

Rate is not available in conjunction with any bonus interest or other special rates offered on Westpac Term Deposits. You must provide a minimum of 31 days’ notice to access funds prior to maturity (except in cases of hardship).

Features and benefits

• No monthly account service fee or establishment fee¹
• Competitive interest rates with fixed amounts, rates and terms
• A range of fixed investment terms available to suit your needs
• Interest paid monthly, annually, or at maturity².

Refer to the PNG Customer Services Fees & Charges Brochure (PDF 90KB) for details.

New customers

To open a Westpac business account, you’ll need to provide us with a signed and completed company account opening form, along with some current identification documents.

We are required to verify:

1. Full name of the company
2. Registered office or business address, including country
3. Incorporation number/Business registration number
4. Place of incorporation/registration
5. Date of incorporation/registration
6. Business licence number (if any)
7. Source of funds
8. Tax Identification Number (TIN)
9. Nature and business of the company
10. Ownership structure

Personal identification requirements

Under PNG banking regulations, each director, secretary, any shareholder who owns 20% or more and any person(s) authorised to operate on the account are required to meet personal identification requirements.

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They will need to provide us with a signed and completed associated party form, along with some current identification documents.

Company and personal information must be verified from a combination of identification documents. Download the Opening a business transaction account brochure (PDF 167KB) for a list of accepted identification documents and any other requirements that you may need to meet.

Existing customers

You may have already provided necessary identification or you may need to provide some additional current identification documents. Visit your local branch to get started.

Need help?

Simply speak to a Banking Representative by calling (+675) 322 0888.

Things you should know

Conditions apply. Offer excludes corporate, institutional and government customers. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate.

1. Early termination fee applies if the Term Deposit is ended before the full term.

2. Confirmation, Maturity, Renewal and Repayment advices sent. Once your fixed term ends, you can withdraw your funds by bank cheque, cash or direct credit into another bank account.

Features and benefits

• No monthly account service fee or establishment fee
• High fixed interest rate on balances of $1,000 and above¹
• A range of fixed investment terms available to suit your needs
• Interest paid 6 monthly and at maturity².

Fees

Refer to the Fiji Customer Service Fees Booklet (PDF 98KB)

Increased regulatory focus has led to enhanced requirements for Customer Due Diligence (CDD). With this in mind, prior to the account being opened, customers will need to:

Step 1 - Visit a Branch nearest you and bring along the following:

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• Certificate of registration and $35 for search fee. (As a mandatory requirement, the Bank will conduct a search to confirm ownership).
• More information will be provided to you at this point, including mandatory forms to complete.
  

Step 2 - Once your search results are in place, you will be contacted by the Bank. You are required to collect and present the following documentations to the Bank for further verification:

• Completed copy(ies) of mandatory forms. (These are forms provided to you in Step 1 above).
• Copy of memorandum and articles, articles of association, by law etc.
• Company Resolution - signed by an authorized individual naming authorized signatories and method of operation
• Reserve Bank of Fiji letter (issue of shares to non-residents)
• Investment Fiji certificate and confirmation (non – residents)
• Valid business licence and/ hotel licence
• TIN letter for company/organisation
• Documentation to confirm source of funds
• Minimum opening balance - $1000.00
• Completed and signed forms – Please visit your nearest branch to obtain a copy of the form
• Identification for all associated parties (A/P’s) i.e. Directors, Shareholders that own 20% or more, Company Secretary, Signatories, Agents etc. (Examples of identification noted below):
  

For Residents, we recommend that you provide the following identification documents (but not limited to):

• Voter ID (Citizenship, Name, Residential Address, Date of Birth, Signature & Photo);
• TIN Letter or Joint Card (Name, Photo & TIN) and;
• An employment letter that states your occupation and confirmation that a salary is paid to you (Occupation & Source of Funds).
  

For Non-Residents, we recommend that you provide the following identification documents (but not limited to):

• A copy of your passport - Biodata and Fiji Visa page (Citizenship, Name, Date of Birth & Photo/Signature),
• Joint Card – Fiji Revenue and Customs Services (FRCS) (Name, Photo & TIN);
• An official ID or document that confirms your residential address - Driver's license, tenancy agreement or a Reference Letter (Residential Address);
• An employment letter that states your occupation or role and confirmation that a salary is paid to them (Occupation & Source of Funds).
  

Step 3 - Need help?

Simply speak to a Westpac Customer Service Representative by calling 132 032.

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Things you should know

Conditions apply. Offer excludes corporate, institutional and government customers. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate.

1. Interest rate adjustment may apply if funds are withdrawn before maturity.

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2. Once your fixed term ends, you can withdraw your funds via bank cheque, cash or direct credit into another bank account.